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<br />R-98-9
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<br />A RESOLUTIONAPPRQVING THE ISSUANCE OF REVENUE BONDS IN
<br />AN AMOUNT NOT TO EXCEED $14,300,000.00 BY THE INDUSTRIAL
<br />DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA,
<br />VIRGINIA, TO FINANCE VARIOUS CONSTRUCTION PROJECTS BY THE
<br />YOUNG MEN'S CHRISTIAN ASSOCIATION OF SOUTH HAMPTON
<br />ROADS.
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<br />WHEREAS, the Industrial Development Authority of the City of Norfolk
<br />(the "Authority") was requested by the Young Men's Christian Association of
<br />South Hampton Roads (the "YMCA"), whose principal business address is 312
<br />West Bute Street, Norfolk, Virginia 23510, to hold, on behalf of the Cities of
<br />Chesapeake, Norfolk, Portsmouth, Suffolk and Virginia Beach, Virginia, a public
<br />hearing on the issuance by the Industrial Development Authority of the City of
<br />Alexandria (the "Alexandria Authority") of its revenue bonds in an amount not
<br />to exceed $14,300,000 (the "Bonds"), pursuant to the Industrial Development and
<br />Revenue Bond Act, Title 15.2, Chapter 49 of the Code of Virginia of 1950, as
<br />amended; and
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<br />,?
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<br />WHEREAS, the proceeds of the Bonds will be used to assist the YMCA in
<br />(J) financing (A) the cost of the acquisition, construction and equipping of a
<br />complete YMCA facility including but not limited to gym and fitness center,
<br />swimming pool, sauna and whirlpools, locker rooms and equipment for the
<br />bregoing, as well as parking areas, located on an 8 acre "parcel on the west side
<br />of u.s. Route 13, 15 miles south of the Four Corners Shopping Center and across
<br />from Edwards Seafood Restaurant in Onley in Accomack County, (B) the
<br />acquisition of 147 acres ofIand and development of a campground including
<br />family cabins and staff cabins, stables for horses, dining areas, a swimming pool,
<br />and other recreational facilities for both land and water sports located on the
<br />grounds of the existing Silver Beach Campground on Onnahonock Road near
<br />Silver Beach in Northhampton County, Virginia, (q the construction of a new
<br />gym at the Hilltop Family YMCA at 1536 Laskin Road, Virginia Beach, Virginia
<br />23451 and (D) the construction of an indoor running track and other
<br />improvements at the Downtown Norfolk YMCA located at 312 West Bute Street,
<br />Norfolk, Virginia 23510 and (ii) refinancing(A) an outdoor pool and renovations,
<br />including but not limited to, a new gym, front entrance and lobby area, new
<br />fitness and aerobics rooms and an indoor pool, for the Suffolk Family YMCA
<br />located at 2769 Godwin Avenue, Suffolk, Virginia 23434, (B) an indoor pool and
<br />renovations to a fitness center, child care center, front entrance and lobby areas
<br />and corporate offices at the Downtown Norfolk YMCA located at 312 West Bute
<br />Street, Norfolk, Virginia 23510, (q lockers, fitness and aerobics areas, saunas,
<br />whirlpools, office space and other improvements at the Effingham YMCA
<br />located at 1013 Effingham Street, Portsmouth, Virginia 23704, (D) the acquisition
<br />and equipping of a child care center at the Salem Family Center located at 2029
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